Disruptive Technologies in Zimbabwe

Our thrust in this study is to speak to disruptive innovations in the face of cyber fraudsters who are on the prowl. The goal of this study is therefore, to show how Zimbabwe's financial services sector is embracing disruptive technology and the preliminary benefits realized. The study argues that, banks, as part of the financial services industry, have the pivotal roles in the growth and economic development of a nation; hence the necessity to protect these institutions from the antics of fraudsters. The study further argues that Zimbabwean government's approach to innovation should be focused on large market changes rather than on existing infrastructure. The study results acknowledge that cyber-attacks are inevitable; however, there are various advantages to embracing disruptive technologies for the financial industry as identified. There is need therefore, to fully comprehend disruptive technology and make its use more consummate. Apart from protecting information systems, computers, devices, programs, data and networks from internal or external threats, harm, damage, attacks or unauthorized access, - disruptive technologies identified in this study such as Cloud computing, Artificial Intelligence, Block chain technology, Cyber security, and Big Data; have other tangible benefits, ranging from serving more customers, expanding market share, to increasing revenue at a lower cost. The study proposes a couple of recommendations; that the financial service sector in Zimbabwe could adopt to acknowledge of the importance of digital change and move from conservatism. That Regulators and the Government should soften banking laws and regulation to allow quick adoption to new disruptive technologies and that the financial service sector must invest in financial and human resources to enable swift uptake of technological innovations.